A competitive firm sells its output for $10 per unit. Is the firm's average revenue less than, equal to, or greater than $10?
For a competitive firm, price is equal to average revenue for all levels of output. Therefore, the firm's average revenue is equal to $10.
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Although not the only ones, oligopolists produce goods that
a. have zero cross elasticities b. are unique c. are not differentiated d. have infinite cross elasticities e. have close substitutes
Since the National Basketball Association is the only significant employer of professional basketball players, it might be referred to as a(n)
A) oligopsony. B) monopoly. C) monopsony. D) oligopolist.
The concept that producing goods and services generates the means and the willingness to purchase other goods and services is
A. secular deflation. B. Say's law. C. the Keynesian approach. D. money illusion.
A major difference between monopolistic competition and perfect competition is
A) the number of sellers in the markets. B) the degree by which the market demand curves slope downwards. C) that products are not standardized in monopolistic competition unlike in perfect competition. D) the barriers to entry in the two markets.